So if the first officer is executing the take off and a decision is made to abort, shouldn't the captain announce "Taking over - aborting"? or "I have control - aborting" Most Ops Manuals require that when transfer of control is made between pilots the call is "Taking over" or "I have control".
I have frequently seen real cock-ups in the simulator when an engine failure has ocurred well below V1 and the captain as PNF did not immediately detect it for various reasons at the time, whereas the first officer as PF immediately detected the problem because he was on the controls. That can lead to a confusion on whether or not the first officer should initiate an abort under those circumstances.